Do you want to learn how to negotiate (paid) brand collaborations?
Negotiating your rate card with brand or businesses can be a nerve-wracking experience, especially for new influencers. I know it was quite nerve-wracking when I started pitching out to the brand for business partnerships! As influencers, we must be skilled negotiators in order to reap the financial benefits from brand partnerships because our ability to negotiate collaborations will determine our success as an influencer. So you’re unsure how to go about negotiating paid brand partnerships?
This blog post was written with you in mind. Check out these ten negotiation tips that are guaranteed to help you in your next brand campaign.
7 Tips to Negotiate Paid Brand Collaborations
1. Find Out the Brand’s Budget
Negotiation is all about asking questions, receiving answers, and compromising. As an influencer, finding out the brand’s budget for the collaboration is the first step you need to take. At first, this may feel uncomfortable, but with a lot of practice, you will become a pro.
However, you need to understand that finding out a brand’s budget is not the same as asking if they have a budget. Doing so gives them a chance to say no and opt for gifted collaborations instead.
2. Confirm the Number of Deliverables Sought
Ever found yourself frustrated at a work whose remuneration is nothing compared to the work input. This is what happens when you fail to confirm the exact number of deliverables the brand is asking for.
Hence, another great negotiation tip is to clarify the results the brand wants before stating your rate. Doing so helps you to understand the full extent of the brand’s requirements. This helps you to make the best charges for the collaboration.
3. Share Your Stats as an Influencer
Influencer marketing offers brands multiple benefits which motivates them to seek out influencers. Through collaboration, brands drive sales, build awareness, and generate leads.
In a negotiation, the party with the bargaining power often wins. As an influencer, your ability to prove to a brand that you can help them gain all these gives you an edge. Hence, sharing your stats such as your impressions, engagements, or reach is a good negotiation tip.
4. Show Your Previous Brand Collaborations
In addition to sharing your metrics, brands also love to see proofs that you can do as you said. They want to be convinced that you can indeed supply the agreed deliverables. A good way of doing this is to show them your previous successful brand collaborations.
You can link back to past collaborations in the same class with evidence of its success. For instance, where the brand requests an Instagram stories collaboration, only link back to a similar successful collaboration. Not a blog post or podcast collaboration.
5. Quote Your Rate
This is where it gets uncomfortable for many new influencers. After you have done all these, the next negotiation tip is to quote your rate. Not just any rate, begin with a higher price. Of course, this strategy is easier to follow when you know your worth as an influencer.
However, this negotiation tip also comes with a rider. Avoid using this strategy when you are still new to paid brand collaboration. Likewise, only use it when you have many collaboration requests and you want to settle with the high-paying ones.
6. Learn to Compromise
Compromise is one of the bedrock of negotiation. It is not all the time that brands meet your expectations rate-wise. Don’t be so quick to turn them down. In some cases, you have to meet them halfway.
This is especially when you are a beginner and need to build your portfolio. Or when a popular brand reaches out to you. In this case, the rate may be lower than your worth, but the benefits will offer you great compensation.
7. Know When to Say No
Learn to have a limit you can never go below as an influencer. This will help you to know when to say no to a brand collaboration. Some brands never budge, making it difficult to meet in the middle as regards deliverables, exclusivity, and money.
So no matter how difficult it may be, you may have to walk away from some brand collaborations. Even paid ones! As you progress in your influencer journey, you will realize that more opportunities will come. Hence, the earlier you learn how to choose right, the better.
Your success as an influencer lies in your ability to master the art of negotiating paid brand collaboration. Knowing how to do this saves you the hassle of settling only for gifted or underpaid collaborations. So do you want to beef up your negotiating skills? You certainly won’t go wrong if you begin with these seven negotiation tips.